Thai stock market could extend Friday’s losses
(RTTNews) – The Thai stock market ended a six-day winning streak on Friday in which it had collected more than 20 points, or 1.3%. The Stock Exchange of Thailand is now located just above the plateau of 1645 points and could suffer further damage on Monday.
Global forecasts for Asian markets are negative due to new concerns over COVID-19 and the resulting drop in crude oil prices. European markets were down and US stock markets were mixed and Asian markets were counting to divide the difference.
The SET ended slightly lower on Friday following losses in financial stocks and a mixed picture from energy producers.
For the day, the index slipped 5.96 points or 0.36% to end at 1,645.06 after trading between 1,641.52 and 1,656.27. The volume was 39.408 billion shares worth 102.896 billion baht. There were 1,215 drops and 533 winners, with 498 shares ending unchanged.
Among assets, Advanced Info sank 0.76%, while Thailand Airport fell 0.37%, Bangkok Bank fell 1.95%, Bangkok Dusit Medical lost 2.03%, Bangkok Expressway fell 1.67%, BTS Group fell 2.55%, CP All Public slipped 0.38%, Charoen Pokphand Foods rose 0.81%, Energy Absolute climbed 8.30 %, Gulf added 0.61%, IRPC rose 2.05%, Kasikornbank fell 1.68%, Krung Thai Bank slipped 1.67%, Krung Thai Card lost 0.42% , PTT Oil & Retail climbed 0.94%, PTT Exploration and production increased 0.42%, PTT Global Chemical lost 0.82%, SCG Packaging fell 0.78%, Siam Commercial Bank fell 4.48%, TTB Bank stumbled 1.63%, True Corporation fell 1.37% and PTT and Siam Concrete remained unchanged.
Wall Street’s lead is mixed as the Dow Jones opened lower on Friday and stayed that way and the NASDAQ opened higher and closed at an all time high. The S&P 500 opened slightly lower, bounced off the unchanged line, and finished slightly in the red.
The Dow Jones lost 268.92 points or 0.75% to close at 35,601.98, while the NASDAQ added 63.74 points or 0.40% to close at 16,057.44 and the S&P 500 fell 6.58 points or 0.14% to finish at 4,697.96. For the week, the NASDAQ jumped 1.2%, the S&P rose 0.3% and the Dow Jones lost 1.4%.
New COVID-19 concerns have weighed on cyclical stocks as a brutal fourth wave of the coronavirus pandemic sweeps across Europe. Austria has announced a full nationwide COVID-19 lockdown from today, while Germany has announced more restrictions for unvaccinated people.
The potential for more European countries to reestablish full closures has raised fears that the pandemic is once again weighing on the global economy.
At the same time, tech-rich NASDAQ benefited from continued strength in tech stocks following good earnings news from companies such as software firm Intuit (INTU) and cybersecurity firm Palo Alto Networks. (PANW).
Crude oil prices fell sharply on Friday amid growing concerns about the outlook for energy demand following an increase in COVID-19 cases and further restrictions in some European countries. West Texas Intermediate crude oil futures for December came in at $ 75.94 a barrel, losing $ 2.47 or 3.2%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.